The Italian energy major Eni SpA discovered a “super giant” natural gas field offshore Egypt in what the Italian oil company said is the largest find in the Mediterranean Sea.
The Zohr gas field covers any area of 100 square kilometers and Eni said that "it could become one of the world’s largest natural-gas finds” and supply Egypt's needs for decades.
Eni, owned by the Italian government, said that the field contains an estimated 30 trillion cubic feet (TCF) of natural gas. This compares with up to 22 TCF in Israel's Leviathan field.
"This historic discovery will be able to transform the energy scenario of Egypt," said Claudio Descalzi, chief executive of Eni.
Eni, which has full concession rights to the area, is the biggest foreign energy firm in Africa.
The discovery well Zohr 1X NFW is located in the economic waters of Egypt’s Offshore Mediterranean, in 4,757 feet of water depth (1,450 metres), in theShorouk Block, signed in January 2014 with the Egyptian Ministry of Petroleum and the Egyptian Natural Gas Holding Company (EGAS) following a competitive international Bid Round.
Minister of Energy Yuval Steinitz said, "The huge gas field discovery in Egypt is a painful reminder that while the State of Israel fell asleep and procrastinates on the final approval of the gas outline agreement and delays exploring for other fields, the world is changing before us including the repercussions for possible exports. We must approve the gas agreement and promote Israel's gas sector."
The find follows other significant gas discoveries in the Mediterranean in recent years, including by Egypt's neighbour Israel, which look certain to have a dramatic impact on energy supplies in both the Middle East and Europe.